((a)) ** Issuance of regulations** The Commission shall issue regulations to prohibit the privilege of dual trading in security futures products on each contract market and registered derivatives transaction execution facility. The regulations issued by the Commission under this section—
((1)) shall provide that the prohibition of dual trading thereunder shall take effect upon issuance of the regulations; and
((2)) shall provide exceptions, as the Commission determines appropriate, to ensure fairness and orderly trading in security futures product markets, including—
((A)) exceptions for spread transactions and the correction of trading errors;
((B)) allowance for a customer to designate in writing not less than once annually a named floor broker to execute orders for such customer, notwithstanding the regulations to prohibit the privilege of dual trading required under this section; and
((C)) other measures reasonably designed to accommodate unique or special characteristics of individual boards of trade or contract markets, to address emergency or unusual market conditions, or otherwise to further the public interest consistent with the promotion of market efficiency, innovation, and expansion of investment opportunities, the protection of investors, and with the purposes of this section.
((b)) ** “Dual trading” defined** As used in this section, the term “dual trading” means the execution of customer orders by a floor broker during the same trading session in which the floor broker executes any trade in the same contract market or registered derivatives transaction execution facility for—
((1)) the account of such floor broker;
((2)) an account for which such floor broker has trading discretion; or
((3)) an account controlled by a person with whom such floor broker has a relationship through membership in a broker association.
((c)) ** “Broker association” defined** As used in this section, the term “broker association” shall include two or more contract market members or registered derivatives transaction execution facility members with floor trading privileges of whom at least one is acting as a floor broker, who—
((1)) engage in floor brokerage activity on behalf of the same employer,
((2)) have an employer and employee relationship which relates to floor brokerage activity,
((3)) share profits and losses associated with their brokerage or trading activity, or
((4)) regularly share a deck of orders.